13-09-2014, 12:27 PM
PROFILE OF THE COMPANY
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Company Profile
IDBI Federal Life Insurance Company Limited is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. Having started in March 2008, in just five months of inception, IDBI Federal became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. Through a continuous process of innovation in product and service delivery IDBI Federal aims to deliver world-class wealth management, protection and retirement solutions that provide value and convenience to the Indian customer. The company offers its services through a vast nationwide network of 2,186 partner bank branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on 31stMarch 2013, the company has issued over 4.99 lakh policies With a sum assured of over Rs. 28,580 cr.
Mumbai, June 04, 2013: IDBI Federal Life Insurance has achieved break even in 2012-13, its fifth year of operations. The company has reported a maiden profit of Rs 9.24 crore in 2012-13, thus making it one of the fastest to break-even in the Life Insurance industry. In an industry challenged by falling margins, shrinking new business volumes, high cost ratios and low profitability, this is a significant achievement.
IDBI Federal today is recognized as a customer-centric brand, with an array of awards to their credit. They have been awarded the PMAA Awards (2009) for best Dealer/Sales force Activity, EFFIE Award (2011) for effective advertising, and conferred with the status of ‘Master Brand 2012-13’ By the CMO Council USA and CMO Asia
Retiresurance: -
It is difficult to predict the future but with more of us living longer, the possibility of outliving our savings could become a harsh reality. In fact, you could easily spend almost20-25% of your life in retirement. This is the time in your life when you will face the retirement challenge. As time goes by, your responsibilities grow as well, increasing your expenses. Also let’s not forget the effect of inflation. Inflation increases the cost of living. Take the following increases in basic amenities over the last 20 years and you can understand what you could be up against after 20 years. These are approximate rates based on market sources and are presented for illustrative purposes only.
(I) Healthsurance: -
IDBI Federal Healthsurance Hospitalization and Surgical Plan Every year, millions of adults in India are admitted to hospitals due to illness or injury. With the sharp rise in lifestyle diseases in the country, hospitalization has now become a real chance for most of us. Yet, when you bring up hospitalization, "It won’t happen to me!" is the typical response from people at large. It is this insight that helped us create IDBI Federal Healthsuranc Hospitalization and Surgical Plan. This new insurance plan offers a host of features and benefits that are designed to help you manage the extra financial burden that comes with hospitalization
MARKETING
In the marketing department, marketing mix strategy is used for the marketing of their products so that everyone gets benefited by it. The 4P’s are followed by the company for their growth and development. The promotion of the products is done through different events like medical camp, competitions, through commercial ads in newspaper, metros, etc. IDBI also go for live events sponsorship and advertise their brand by distributing accessories printed their logos or brand name.
In pricing strategy Bank makes the premium strategy according to the requirements of the customers so that more and more customers invest in their company.
According to the analysis company should promote via T.V advertisements, public places like malls, in markets using different hoardings. Company should also approach rural market to gain large market share. The insurance sector should not only cover urban area customers but they should cover rural area as well by which they can increase their business
4 CONCLUSION
Insurance sector was opened for private players with the starting of the 20th century, after economic reforms in 1991, economy was liberalized. Since then there has a rampant and dynamic growth in the field of insurance. The insurance sector has intensified and companies are formulating survival strategies due to immense competition in a de-tariff scenario. This study was focused on the role and impact of advertisement in the promotional strategies of various products adopted by Insurance sectors. The study reveals the advertisements are the major strategy that helps the insurance companies to promote their products.